Poorly trained workers could have an unfavorable effect on which of the following variances? Materials Labor Rate Quantity Variance Variance A) B) C) D) Yes Yes Yes No No Yes No No Multiple Choice Choice A Choice D Choice B 身

Poorly trained workers could have an unfavorable effect on which of the following variances? Materials Labor Rate Quantity Variance Variance A) B) C) D) Yes Yes Yes No No Yes No No Multiple Choice Choice A Choice D Choice B 身

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Description: Poorly trained workers could have an unfavorable effect on which of the following variances?MaterialsLabor RateQuantityVarianceVarianceA)В)YesYesYesNoNoYesD)NoNoMultiple ChoiceChoice AChoice DChoice B

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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B. Given the possible causes of the variances, identify the variance for each number and whether Favorable or Unfavorable. Form 2 columns to write your answers. State whether variance is Favorable or Unfavorable Causes Give the Material Variance Name substandard material, quantity 1. discount, negotiated better price, quantity discount, or price drop higher-quality material, price 2. 2. increase, and negotiated poorly Give the Material Variance Name higher-quality material, better- qualified employees, or a change in manufacturing 3. 3. process lower-quality material, less- qualified employees, or a change in manufacturing 4. process Give the Labor Variance Name less-qualified employees or a change in quality level of employees due to a change in 5. 5. process more-qualified employees, a change in contract with employees, or a change in manufacturing process that changes the level of employees needed 6. Give the Labor Variance Name better material, higher-quality employees, or a change…
а. Standard Cost per Unit for Direct Materials and Direct Labor b. Direct Materials Price Variance Wrong Direct Materials Quantity Variance Wrong Total Direct Materials Cost Variance Wrong с. Direct Labor Rate Variance Wrong Direct Labor (Time) Efficiency Variance Wrong Total Direct Labor Cost Variance Wrong
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What is a materials price variance? Describe this in your own words. Writing a formula is not a sufficient answer. Provide a real world example that would result in an unfavorable materials price variance
Should both favorable and unfavorable variances be investigated, or only the unfavorable ones? Explain your response. What if a company found that they had a favorable price variance and an unfavorable quantity variance for direct materials. What might be the cause(s) of this pattern of variances?
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000
Which one of the following may account for an adverse labour efficiency variance? a. Using higher grade materials leading to lower wastage rates O b. Change in labour-market conditions between the setting of the standard and the actual event O c. Higher purchase cost of raw materials d. Using a higher grade of worker than was planned Oe. Poor supervision
What effect, if any, would you expect purchasing poor-quality materials to have on direct labour variances?
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000
A favorable overhead spending variance means that:a. Overhead has been overapplied.b. Overhead has been underapplied.c. Actual production was less than the normal volume ofoutput.d. None of the above.
What is a materials quantity variance? Describe this in your own words. Writing a formula is not a sufficient answer. Provide a real world example that would result in an unfavorable materials quantity variance